Funding arb · Price arb /

MAGIC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against Binance−0.020%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$840.841% of the position

Long on Binance Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.001%$0 on $10k

Price spread, last 7 days+0.032%+$3 · spread now −0.020%, 7d avg +0.040%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.060% cheaper against Binance than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance MAGICUSDT	0.05024	0.0100	pay 0.0050% / 4h	43m 19s	$1.6M	$1.6M	50x
Short	BingX MAGIC-USDT	0.05023	0.0100	get 0.0050% / 4h	43m 19s	—	$2.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BinancebpFee BingXbpOrdersPrice spread, now −0.020%Rate

Funding earned: $0
Price spread: −0.020% → +0.040%: −$6
Slippage, 4 orders: −$64.1
Fee Binance: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$90.1
Costs to cover: 0.841%
Break-even: never at this rate

Slippage from Binance: live order book, 5 min ago; BingX: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Binance live order book, 5 min ago	2.98 bp	17.4 bp −$17	112.8 bp −$1,128	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	1.99 bp	19.9 bp −$20	56.8 bp −$568	452.0 bp −$45.2K	521.1 bp −$260.6K

MAGIC on 10 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance MAGICUSDTlong	+0.0100%	4h	0.05024	long leg	$1.6M	$1.6M	50x
Bybit MAGICUSDT	+0.0100%	4h	0.05023	−0.020%	$517K	$154K	25x	as long as short
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.05024	0.000%	$485K	$746K	20x	as long as short
MEXC MAGIC_USDT	+0.0100%	4h	0.05024	0.000%	$205K	$113K	50x	as long as short
KuCoin MAGICUSDTM	+0.0100%	4h	0.05019	−0.100%	$187K	$26K	25x	as long as short
Bitget MAGICUSDT	+0.0100%	4h	0.05027	+0.060%	$429K	$79K	25x	as long as short
BingX MAGIC-USDTshort	+0.0100%	4h	0.05023	−0.020%	—	$2.3M	—
Variational Omni MAGIC	+0.0100%	4h	0.05021	−0.059%	$8K	$553	—	as long as short
BloFin MAGIC-USDT	+0.0108%	4h	0.05026	+0.040%	$83K	$6K	50x	as long as short
Gate MAGIC_USDT	+0.0498%	8h	0.05027	+0.060%	$129K	$24K	50x	as long as short